Following purchases by individual and institutional investors, the price of Bitcoin has surpassed $44,000 and open interest (OI) continues to rise. Traders and analysts expect the price to move towards $45,000 and then rapidly to $50,000. However, renowned crypto analyst Willy Woo noted that there is a Bitcoin gap on the Chicago Mercantile Exchange (CME) at the $39,700 level.
CME has become the largest Bitcoin futures exchange, surpassing Binance in terms of significance. Following this development, CME’s open interest and other data could be critical in predicting BTC price movements.
Renowned crypto analyst Willy Woo made a broadcast on December 7th. According to the broadcast, there is a Bitcoin CME gap that needs to be filled at the $39,700 level. This suggests that before initiating another rally, the BTC price needs to correct to $39,700.
In daily price analysis, Bitcoin is experiencing a pullback from its periodic high of $44,408. Despite the community’s skepticism towards CME Bitcoin expectations due to the recent rally and positive sentiment, the Fear and Greed Index is currently at a level of extreme greed.
Considering the Bitcoin CME gap, the BTC price could experience a 10% drop. In this scenario, a dovish stance by the US Federal Reserve and expectations of a Spot Bitcoin ETF could offer investors one last buying opportunity before another rally.